Deferred Sales Commissions, Net (Tables)

12 Months Ended

Dec. 31, 2025

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Components of Deferred Sales Commissions

The components of deferred sales commissions, net, for the years ended December 31, 2025 and 2024 were as follows (excluding amounts related to fully amortized deferred sales commissions):

	Years Ended December 31
	2025			2024
	(in thousands)
Carrying amount of deferred sales commissions		$	386,729		$	303,564
Less: Accumulated amortization		(138,535)			(74,602)
Cumulative CDSC received		(82,894)			(46,255)
Deferred sales commissions, net		$	165,300		$	182,707

Expected Amortization of Deferred Sales Commissions

Estimated future amortization expense related to the December 31, 2025 net asset balance, assuming no additional CDSC is received in future periods, is as follows (in thousands):

2026	$	83,757
2027	60,853
2028	19,434
2029	1,256
Total	$	165,300